The iCon Group, a company involved in a pyramid scheme with high-profile celebrities promoting their products, has caused damages exceeding 118 million baht, with over 300 victims coming forward. The police have gathered 306 statements from individuals who were deceived into investing in this scheme. The CEO of The iCon Group, Waratphon “Boss Paul” Waratvorakul, has announced the establishment of a relief center for the affected individuals. This move is aimed at providing assistance, showing social responsibility, and cooperating with legal proceedings.
In response to the investigation, the Food and Drug Administration (FDA) inspected 14 products marketed by the company and found that one supplement was not even registered in their database, raising further concerns about the company’s practices. The use of online marketing courses costing less than 100 baht to attract individuals into investing more money in products is also under scrutiny. Victims were asked to pay for events featuring celebrity presenters and buy advertisements on social media to recruit more people, highlighting the deceptive nature of the scheme.
Well-known lawyer Sittra Biabungkerd and Democrat Party MP-turned-activist Tankhun Jitt-itsara have filed a complaint against the CEO of The iCon Group and the five celebrities involved in the scheme. They are accused of public fraud, obtaining loans through deceit, inputting false information into a computer system, and money laundering. Despite having only 15 products for sale, The iCon Group reported an annual revenue of up to 5 billion baht, prompting authorities to investigate the discrepancy between sales figures and actual revenue, as well as the distribution of products to the public.
The actions of The iCon Group have not only caused financial harm to hundreds of individuals but have also raised questions about the ethics and legality of their business practices. The establishment of a relief center by the CEO may be seen as a step towards addressing the damages caused, but the full extent of the impact of this pyramid scheme is yet to be determined. As investigations continue and legal proceedings unfold, it is essential for authorities to hold accountable those responsible for orchestrating such fraudulent schemes and ensure justice for the victims involved.